Good evening folks and the Lord’s blessings to you.

It’s been a shaky start to the week indeed!
Who knows what is going to happen tomorrow.
I think the next 4 years are going to be quite the ride don’t you!

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The market hit an air pocket this morning and we got a gap lower that almost broke this wave count.
So far the price is holding above the invalidation level at 1.0176,
but I am not convinced that level will hold this week!

There is a chance that wave (ii) is still in play here,
but a beak of 1.0176 again will invalidate this count and then it is back to the previous wave ‘2’ pattern again.

Tomorrow;
Watch for support to hold and wave (ii) to hold at 1.0210.
A rally back above the wave (i) high at 1.0530 will confirm this pattern.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable dropped lower also today and that has forced a rethink of the wave count.
The low is labelled as wave ‘c’ of (ii) now.
The price has rebounded off the session lows better than EURUSD.
so this wave count for wave (ii) is still the best fit pattern at the moment.

Tomorrow;
Watch for wave (iii) to rally out to break above the high at 1.2524 to confirm the pattern.
1.2248 must hold.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I will admit that the action in USDJPY is leaning against the bullish count right now.
The pattern in wave (i) and (ii) is still valid,
but the action has not easily rebounded into wave (iii) yet.
And that is not exactly confidence inspiring.
the price is barely holding above the wave (ii) level at 153.70 again today.
If that level breaks I will be forced to rethink the larger pattern.
So I want to see a push higher into wave ‘i’ of (iii) for the next few days.

Tomorrow;
Watch for wave ‘3’ of ‘i’ to break back above 157.00 again to favor the main count.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

You all know that we are just too close to the invalidation line to call this one.
But like I said last week,
as long as there is a chance for this count,
I will hold onto it!

The market took a nose dive this morning and hit the previous wave ‘4’ low almost dead on.
So obviously there is support at that level which needs to be broken.
IF this is a turn down into wave ‘i’ of (iii),
that that support level must be broken decisively to give the pattern into wave (iii) a chance to build this week.

Tomorrow;
Watch for wave ‘i’ down to turn lower again to break 43800 at the wave ‘1’ low.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold was bid higher also today and the price broke above the upper channel line in wave ‘v’ again.
The count remains solid for wave (c) of [b],
and I don’t see much change to that outlook unless something drastic happens.
I am still looking for wave (i) of [c] to turn lower beginning this week.
And I think five waves down in wave (i) blue will target the 2600 area when complete.
That may seem like s long shot and completely impossible,
but the market is a strange animal!

Tomorrow;
Watch for another top to form in wave ‘v’ of (c) and then a turn lower into wave ‘i’ of (i) of [c] will happen this week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil dropped back off the wave [ii] high today in line with the wave count.
I am looking for wave [iii] to begin this week,
and todays action suggests wave (i) of [iii] is in play now.
I am looking at a five wave pattern developing in wave (i) down today.
wave ‘v’ of (i) should bottom near 71.50 before turning higher in wave (ii).

Tomorrow;
Watch for wave (i) down to complete a five wave pattern as shown.
And then a lower high should form in wave (ii) as shown.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The test now begins for this wave count in the S&P500.
The price fell to hit the wave ‘i’ low again this morning,
and now a lower high is forming in wave ‘2’ of ‘iii’.
If this pattern is correct,
then wave ‘3’ of ‘iii’ must drop back sharply over the coming few days,
with a target near the 5800 level again.

Tomorrow;
Watch for wave ‘3’ of ‘iii’ to turn lower and trace out five waves down to hit a low near 5800.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is holding in the channel this evening after a rally to form a lower high.
Wave (ii) seems complete at the recent high,
and the price action did make an attempt to reverse course over the last 2 sessions.
So I am hopeful that wave (iii) down will begin this week.
Confirmation of wave (iii) will come with a drop below 30.00 again.

Tomorrow;
watch for wave ‘i’ of (iii) to trace out five waves down and break the previous wave ‘b’ lows at 29.68 over the coming days.